UPDATE 4-Toronto stocks log biggest weekly gain in 6 years

Fri Oct 17, 2008 5:25pm EDT
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* Battered oil and gas sector gains as oil recovers

* Materials sector rises but price of gold sags

* TSX ends week up 5.5 pct, biggest gain since 2002

(Adds analyst's comments, details)

By Jennifer Kwan

TORONTO, Oct 17 (Reuters) - The Toronto Stock Exchange's main index closed sharply higher on Friday as energy stocks rose on a rebound in crude and investors shopped for bargains.

In yet another volatile day with a trading range of nearly 800 points from trough to peak, the S&P/TSX composite index .GSPTSE closed up 292.52 points, or 3.16 percent, at 9,562.49, with all of its 10 main groups higher.

The benchmark index rose 5.5 percent for the week, snapping a three-week losing streak. It was the index's biggest weekly gain since October 2002. Last week it fell 16 percent.

"We're starting to see signs of some resumption of confidence," said Lex Kerkovius, senior research analyst at McLean & Partners Wealth Management Ltd, in Calgary, Alberta.   Continued...